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The graph on the previous page shows the rapid yet steady growth in fund equity, absent of significant <br />year -to -year fluctuations through 2009. This indicates a stable operation with effective financial controls. <br />The decrease in 2010 cash and fund balance is largely due to the City's change in its fund balance policy, <br />which was amended to require 50 percent of the following years' adopted budgeted expenditures. Prior to <br />the current year this requirement was at 60 percent. <br />Generally, a healthy financial position allows the City to avoid volatility in tax rates; helps minimize the <br />impact of state funding changes; allows for the adequate and consistent funding of services, repairs, and <br />unexpected costs; and can be a factor in determining the City's bond rating and resulting interest costs. <br />The following graph reflects the City's General Fund revenues, budget and actual, for 2010: <br />Taxes <br />Intergovernmental <br />Fines <br />Licenses and Permits <br />Charges for Services <br />Other <br />1 <br />vP� 'TrO <br />0 000 ' 00 0 <br />General Fund Revenues <br />Budget and Actual <br />sef' �� �� � QO00 � Q S OO 0 000 �� 00 �� 000 650 00000 <br />O O O O O O O O O 0 <br />Total General Fund revenues for 2010 were $8,789,279, a decrease of $790,795 from the previous year <br />and $115,104 more than budget. <br />Property tax revenue decreased by $859,026, due to a decrease in the approved levy adopted as discussed <br />earlier in this report. <br />Charges for services and investment earnings surpassed budget expectations by $30,963 and $80,635, <br />respectively, due to conservative budgeting in these areas due to the volatility in the nature of these <br />sources. <br />■ Actual • Budget <br />